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Today's Prices (Mon pm)


CME LIVESTOCK:  Live Cattle: $186.825 (-0.50); Feeder Cattle: $246.60 (-1.00); Hogs: $78.275 (+0.45)


CME GRAINS:    Corn: $4.095 (+0.0475); Wheat: $5.7225 (-0.005); Soybeans: $9.81 (+0.11); Soybean Meal: $318.30 (+2.70) 

STOCK UPDATE:   Dow 30: 42,902.91 (-373.00); Nasdaq: 18,501.32 (+11.77); S&P 500: 5,844.94 (-19.73) (Stocks Pressured by Higher Bond Yields)


ENERGY PRICES:  Crude Oil: $70.50 (+1.28); Ethanol: $1.545 (+0.015); Natural Gas: $2.333 (+0.075) (Crude Climbs as China Boosts Stimulus Measures)


BOXED BEEF:  Choice: $322.86 (+2.21); Select: $ 296.21 (+2.01); Ch/Se Spread: 26.65; Total Loads: 118 compared to 126 on Friday


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To view the most recent prices and news, please visit the U.S. Cattle Report Channel.


Highlights (Cattle Report Channel)

  1.  CME Live Cattle: $186.825 (-0.50); Feeder Cattle: $246.60 (-1.00);  Corn: $4.095 (+0.0475)
  2. CORN PROGRESS: 65% of the corn in the United States had been harvested by Oct 13th, compared to 47% last week and 55% last year. Corn harvest in Iowa at 91%; Illinois at 76%
  3.  RTI (7-Day Feeder Cattle Index):  $250.21  (+0.22)
  4. AMARILLO: Sunny, with a high near 82. West northwest wind around 5 mph becoming north in the afternoon  (TUE)
  5. Boxed beef up $2.21 on Mon to $322.86
  6. CATTLE TRADE: Cash trade up $1-2 to $188
  7. COT:  Funds increase net long position by 8.7K to 85.7K contracts  (highest since 10/23)
  8. BEEF EXPORTS:  Beef sales up 3% to 14.1K mt
  9. Mon cattle slaughter at 120K hd, WTD unch
  10. Daily drop unch on Mon at $11.34
  11. DROUGHT MONITOR:  77.5% of Contiguous U.S. in drought compared to 75.32% last week and 58.16% last year (highest since 12/13/2022)
  12. Gas prices down 3 cents this week to $3.14, down $0.39 from last year
  13. Diesel prices down 9 cents this week to $3.55, down $0.99 from last year
  14. CATTLE ON FEED:  Inventory up 1%;   Placements down 1%
  15. Beef production up 3.9% from last week, cattle weights up 3 lbs from last week
  16. NATURAL GAS:   Henry Hub down 21 cents to $2.21

Powerful Winter Storm Impacting Alaska; Excessive Rain in Guam  (TUE)

In Alaska, a large, strong fall storm will bring coastal flooding, strong winds and heavy snow to a large a portion of the northern and western coast and Interior of the state. Monsoonal moisture and a low pressure area (Invest 97W) will produce excessive rain that may lead to flash, urban, small stream, and river flooding across Guam and the Northern Mariana Islands. 


Weekly beef production up 3.9%, Cattle weights up 3 lbs from last week

This week's beef production is estimated at 523.5 million pounds, reflecting a 3.9% increase from last week's 504.1 million pounds but a slight decrease of 1.3% compared to the 530.6 million pounds produced during the same period last year. Year-to-date beef production has reached 21.2 billion pounds, down 0.7% from last year's 21.4 billion pounds, indicating a modest slowdown in overall production levels.

This week’s cattle slaughter is estimated at 608,000 head, up from last week’s 586,000 head but down from 638,000 head during the same period last year. Year-to-date cattle slaughter stands at 25.1 million head, a 3.8% decline from last year’s 26.1 million head  Meanwhile, live cattle weights have increased slightly to 1,414 pounds compared to 1,411 pounds last week and 1,379 pounds last year. Dressed cattle weights also saw a small rise, now at 863 pounds, up from both last week's 862 pounds and last year's 834 pounds.

CATTLE TRADE:  Cash trade up $1-2 to $188
Thus far for Friday in the Southern Plains negotiated cash trade has been slow on light demand. On Thursday in the Southern Plains live FOB purchases traded at 188.00. In Nebraska and the Western Cornbelt negotiated cash trade has been slow on light demand. On Thursday in  Nebraska and the Western Cornbelt live purchases traded from 187.00-188.00, while dressed purchases traded at 296.00. 

Livestock Comments:  Dr. Andrew Griffith

As the calf market hits its stride, buyers are uncertain about how tight calf supplies really are. This "get what you can" mentality is dominating the market, as calf prices are unlikely to soften anytime soon. On the flip side, calf prices may not rise as quickly in December and early January as typically expected. Heifer marketings will be closely watched to see how many heifers from this calf crop are retained for beef cow replacements. Given the challenges faced this year, few heifers are likely to be retained. Additionally, slaughter cow marketings have slowed considerably, suggesting producers are holding on to cows but are not replacing those already shipped in previous years.

CATTLE ON FEED:  Inventory up 1%;  Placements down 1%

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.2 million head on September 1, 2024. The inventory was 1 percent above September 1, 2023.   Placements in feedlots during August totaled 1.98 million head, 1 percent below 2023. Net placements were 1.92 million head. During August, placements of cattle and calves weighing less than 600 pounds were 395,000 head, 600-699 pounds were 305,000 head, 700-799 pounds were 435,000 head, 800-899 pounds were 485,000 head, 900-999 pounds were 265,000 head, and 1,000 pounds and greater were 90,000 head.   Marketings of fed cattle during August totaled 1.82 million head, 4 percent below 2023.

NATIONAL DROUGHT MONITOR

The dry pattern continued over the High Plains with only a small area of North Dakota recording any precipitation this week. The warm temperatures continued as well with most areas 4-8 degrees above normal and even greater departures of 8-12 degrees above normal in the plains of Wyoming and Colorado and portions of western Nebraska and South Dakota. Degradation took place from North Dakota to Kansas and into the plains of Montana, Wyoming, and Colorado. Moderate and severe drought were expanded in North Dakota, mainly in the south and west portions of the state. 

U.S. EXPORT SALES:  Beef sales up 3% to 14.1K mt

Net sales of 14,100 MT for 2024 were up 3 percent from the previous week, but down 9 percent from the prior 4-week average. Increases were primarily for Japan (4,600 MT, including decreases of 200 MT), South Korea (2,600 MT, including decreases of 400 MT), China (2,300 MT, including decreases of 100 MT), Mexico (1,100 MT, including decreases of 100 MT), and Taiwan (700 MT, including decreases of 100 MT). Net sales of 900 MT for 2025 were reported for Japan (600 MT), Hong Kong (100 MT), the Philippines (100 MT), and Guatemala (100 MT). Exports of 15,300 MT were down 5 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to Japan (3,800 MT), South Korea (3,800 MT), China (1,900 MT), Mexico (1,400 MT), and Taiwan (1,000 MT).   CATTLE SLAUGHTHER:   Monday slaughter at 120K head, compared to 120K last week and 125K last year. YTD slaughter at 25.2 million head, compared to 26.2 million last year (down 3.8%)

THE BEEF READ:   Standout... Choice wholesale beef prices have had a meteoric rise since bottoming September 26, $26/cwt to be exact. Prices are their highest since July, led by a scalding hot seasonal rib rally and an incredible chuck market, with record high prices and extremely strong export demand. The packer throughput reduction a week before last was the jump start needed and the result has exceeded all expectations (THE BEEF)

DAILY DROP:   The hide and offal value was estimated at $11.34, unch from Friday

Rob Cook, RobCookKC@gmail.com